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Comex Trading Signals and Market News – 05 February 2016

INTERNATIONAL COMMODITY NEWS :

Oil prices stabilized in Europe trade on Thursday, one day after rallying 8% on the back of a broadly weaker U.S. dollar and amid ongoing rumors about a potential deal between Russia and OPEC to cut a global supply glut.On the ICE Futures Exchange in London, Brent oil for April delivery shed 14 cents, or 0.4%, to trade at $34.90 a barrel by 09:00GMT, or 4:00AM ET.

Natural Gas futures tumbled by more than 1.5 per cent during noon trade in the domestic market on Thursday as investors and speculators resorted to a cautious stance ahead of weekly US storage numbers which may show that US gas supplies fell by 159 billion cubic feet last week compared to a five-year average withdrawal of 165 billion cubic feet.

Copper futures advanced during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the industrial metal amid hopes that fresh cash injection by the People’s Bank of China may spur lending and help bolster an economic recovery in the world’s biggest metals consumer lifting the demand outlook for Copper.

ECONOMY NEWS :

A top Federal Reserve official said on Thursday he backs tougher stress tests for “too big to fail” banks including higher capital requirements that would make them “even more binding.”The United States adopted both stress tests and capital surcharges for banks in the wake of the 2007-2009 financial crisis, when U.S. investment bank Lehman Brothers collapsed and set off a deep global recession.

Euro zone economic growth will slightly accelerate this year and next, the European Commission estimated on Thursday, but the pace will be slower in 2016 than previously forecast because of increased global risks. The gross domestic product (GDP) of the 19-country single currency bloc is expected to expand by 1.7 percent this year from 1.6 percent in 2015. The recovery will gain speed in 2017 with economic expansion of 1.9 percent, the EU executive said in its winter economic forecasts.

Just days before the Bank of Japan stunned financial markets with its radical adoption of negative interest rates, members of the central bank’s own policy board had also been taken by surprise by the move. Most of the nine board members were only told of the scheme in the week leading up to Friday’s rate review, according to interviews with more than a dozen officials familiar with the deliberations.